UK independent operator Serica Energy has received a two-year extension to its sanctions waiver from the US for a North Sea field.
Serica announced on Thursday that the Rhum field, which holds a 50% stake in, has been granted an extension to the agreement which was set to come to an end in March this year.
The agreement has been renewed, granting the firm a new two-year license ending on 28 February 2027.
Serica required the US license as the Iranian government, which is heavily sanctioned by the US, owns 50% of the field.
Previously, Panmure Liberum analyst Ashley Kelty said his firm saw “no reason whatsoever” why the long-term license would not be renewed.
The UK firm stated: “The license and assurance permit certain US and US-owned or controlled entities, and all non-US entities, to continue providing goods, services and support to the Rhum field.”
Serica took over its stake in Rhum from BP in a deal worth £300 million in 2017.
Recently the firm’s boss, Chris Cox, told Energy Voice that he is planning drilling campaigns for Bruce, Keith and Rhum as he doubles down on UK M&A ambitions.
The firm is currently halfway through a five-well drilling campaign at its joint venture Triton project and Cox forecasts further drilling over the next two years.
“The next thing that you’re going to see from us is probably going to be a drilling campaign around Bruce, Keith and Rhum,” the Serica CEO commented.
This move comes amid efforts from the White House to impose tariffs on trade partners.
Oil prices jumped on at the bringing of the month after President Doland Trump imposed tariffs on Canada, Mexico and China, raising fears of crude supply disruption as well as the prospect of slower global growth and inflation.
The Aberdeen and Grampian Chamber of Commerce (AGCC) has called for the UK government to get rid of the energy profits levy (EPL) in the wake of Trump’s tariffs.
Russell Borthwick, chief executive of AGCC, commented: “The UK is already heavily reliant upon imported gas from Norway and LNG shipped from the USA to meet our demands.
“Any fluctuations in the price of oil and gas could be very damaging in a world where returns on production from the North Sea are already marginal.”
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